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研報掘金丨國泰君安:晉控煤業盈利穩健性有望超市場預期,予“增持”評級
格隆匯 03-12 17:25

國泰君安研報指出,煤價下行期,晉控煤業(601001.SH)盈利穩健性有望超市場預期,背靠全國第二大煤炭集團,資產注入貢獻未來成長。參考可比公司PE和PB估值,給予公司13.90元目標價,“增持”評級。2024年前三季度,煤價下行期,公司業績同比降幅遠低於行業,彰顯盈利穩健性。展望2025年,雖然市場煤價中樞下移,但我們認為在公司盈利穩健性有望超市場預期。一方面源於公司積極有效的銷售策略下,煤炭售價將比市場預期更穩健,另一方面,公司煤炭成本優勢顯著,構建較好的盈利護城河,同時多年來公司積極優化資產質量,加強管理,減值接近尾聲,各項費用將進入下行通道,降本增效。

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